A new survey commissioned by Hardbacon reveals that 81% of Quebecers consider that $500 is not at all enough to compensate for inflation
MONTREAL, March 31, 2022 (GLOBE NEWSWIRE) — hard bacon, a personal finance app used by more than 35,000 Canadians, today released a new survey that reveals that 81% of Quebecers believe that a one-time $500 payment from their provincial government is far from enough to compensate inflation. It also dives into how Quebecers plan to spend their cheque.
This month, Quebec Premier Francois Legault proposed a $500 credit for Quebecers with incomes below $100,000 in an effort to stave off inflation. The majority of Quebecers say that is not enough. On average, the results show that dissatisfied Quebecers believe that $1,778.28 is the appropriate amount to offset the annual impact of inflation.
Beyond the amount that Quebecers receive, they also wonder who should receive it. Some 19.5% of respondents agree that the scheme is fair, with everyone receiving the same amount, leaving another 80.5% of respondents believing the scheme is unfair. Digging deeper into the numbers, 64.2% think it’s unfair because the poorest are hit hardest by inflation, so they should get the money. Another 16.3% think that since those earning more than $100,000 pay more taxes, they should also have access to payment.
Quebecers already have plans for their incoming checks too. The survey shows that 39.3% of people plan to pay off their debt, 20.4% want to invest their $500 and 20.4% want to save it. Only 19.8% plan to spend their $500 on products or services. Below you will find the main information on how Quebecers plan to spend their checks according to the survey.
Key Findings on $500 One-Time Government Spending
Repay the debt: Respondents will pay off all kinds of debt: credit card debt (35.9%), overdue bills (24.7%), bank line of credit (12.1%), loans from friends or family ( 5.1%), credit installment loans (5.1%). %), private loans (3.5%) and finally, mortgages (3%).
Invest: Respondents plan to invest their $500 in exchange-traded funds (43.7%), Canadian stocks (22.3%), US stocks (4.9%), mutual funds (7%), bonds (3.9%), cryptocurrencies (4.9%) and gold (1.9%).
To save money: Respondents plan to save their $500 in a savings account (41.7%), checking account (29.1%), guaranteed investment certificate (4.9%) and cryptocurrency ( 1.9%).
Make purchases: A majority of respondents said they planned to buy food (53%), spend on fuel and car maintenance (15%), go on vacation (4%), spend on bars and restaurants (3%) and buying alcohol (2%).
“Since the start of the pandemic, personal finances have never been more important. With so many Quebecers already using Hardbacon to make financial decisions, we thought it was important to do a survey to ask them what they thought of the government measure to counter inflation,” said the CEO of Hardbacon, Julien Brault.
For more information, please see the Hardbacon Investigation Report.
This survey was conducted online by Hardbacon from March 25 to March 28, 2022. We surveyed 501 people, all aged 18 and over and living in Quebec.
Hardbacon helps Canadians plan, budget and invest, while allowing users to compare different financial services such as credit card, Bank accounts, online brokers and robo-advisors. Hardbacon is available for download on the App Store and Google Play Store.
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CONTACT: FOR FURTHER INFORMATION PLEASE CONTACT: Jennifer Braun, Publicist PR LOFT 514-291-9558 [email protected]